Ascott Residence Trust H1 DPS up 14% on boost from travel recovery
THE return of global travel has lifted the fortunes of Ascott Residence Trust : HMN 0% (ART), as it recorded a 14 per cent rise in distribution per stapled security (DPS) to S$0.0233 for H1 ended June.
Revenue for the period rose 45 per cent year on year to S$267.4 million, translating to a 44 per cent increase in gross profit to S$118.2 million. This was driven by a higher average daily rate and average occupancy rate; average occupancy rate rose to 70 per cent in Q2, from 50 per cent in the previous quarter. Revenue per available unit (RevPAU) rose strongly, by 60 per cent to S$96 in the first half.
Serena Teo, chief executive officer of the managers of ART, noted that the RevPAU of S$124 in Q2 was about 82 per cent of pre-Covid levels in Q2 2019.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Seatrium unit to fully redeem S$500 million worth of floating-rate bonds early
Yeo Guat Kwang, John Chen retiring from corporate boards
US: Wall St opens higher
Air China orders homegrown C919s in challenge to jet duopoly
HCA beats first-quarter profit estimates on higher patient admissions
F&B operator YKGI to exclusively operate Chicha San Chen in Macau for next eight years